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Disbursements from Spendable Funds 

The purpose of this policy is to define reasonable expectation guidelines for disbursements from a spendable fund held at the ¾ÛÉ«¸ó Foundation (¾ÛÉ«¸óF). The ¾ÛÉ«¸óF and its board of directors have a fiduciary responsibility to insure that all funds expended meet both donor intent and the ¾ÛÉ«¸óF mission statement. Accordingly, it is expected that fund administrators will make every reasonable effort to ensure that funds are used in a responsible, prudent, and appropriate manner. The guidelines are varied depending on whether the fund is discretionary or donor restricted. While fund administrators are given wide latitude, the Foundation will continue to maintain high standards in relation to donor intentions. 

A. General 

All requests for disbursements from a spendable fund shall be submitted on a disbursement form authorized by the ¾ÛÉ«¸óF. The request must be initiated by the authorized fund administrator. All signatures on a disbursement request form shall be original. 

All disbursement requests must be reasonable and commensurate with the expected benefit to ¾ÛÉ«¸ó (¾ÛÉ«¸ó). A request for disbursement from a ¾ÛÉ«¸óF spendable fund can be made any time of the year but administrators are encouraged to limit the number of requests. Disbursement requests will normally be processed in three to five days. 

Our intent is to provide flexibility while also meeting our fiduciary responsibilities. 

B. Discretionary Funds 

All disbursements from a ¾ÛÉ«¸óF discretionary fund shall be payable to ¾ÛÉ«¸ó for credit to a budget unit of ¾ÛÉ«¸ó. The authorized fund administrator has primary responsibility for insuring that the expenditure is appropriate. No supporting documentation or explanation is required to be forwarded to the ¾ÛÉ«¸óF prior to disbursement. Discretionary funds may be paid directly to a non-¾ÛÉ«¸ó payee for items included in section D., so long as they comply with the requirements of Section D.

C. Donor Restricted Funds 

Disbursements from a ¾ÛÉ«¸óF donor restricted fund can be made either directly to ¾ÛÉ«¸ó on behalf of a budget unit of ¾ÛÉ«¸ó or directly to a payee. The purpose for a disbursement must meet a two part test. The first test is that the purpose meets the restrictions of the donor. The second test is the disbursement must be for a purpose allowable under ¾ÛÉ«¸ó disbursement policies. The disbursement request shall have documentation attached which substantiates the purpose of the request. An exception shall be permitted for items included in section D. of this policy. 

Certain items must first pass through the ¾ÛÉ«¸ó disbursements system prior to requesting funding from a donor restricted fund of ¾ÛÉ«¸óF. This requirement is due to specific information and control needs of ¾ÛÉ«¸ó. 

1. Scholarships and Prize Awards greater than $100 
2. Items deemed to be compensation 
3. Procurement of Materials, Supplies, Equipment and Services. 
4. Independent Contractor Services 
5. Capital Projects and Equipment subject to ¾ÛÉ«¸ó inventory control 
6. Moving expenses of newly hired employees 
7. Travel and entertainment subject to ¾ÛÉ«¸ó administrative policies 

D. Allowable items not meeting ¾ÛÉ«¸ó disbursement policies 

Certain items which are not allowable under ¾ÛÉ«¸ó disbursement policies shall be permitted under this ¾ÛÉ«¸óF policy. The disbursement must be reasonable and commensurate with the expected benefit to ¾ÛÉ«¸ó (¾ÛÉ«¸ó) and shall have documentation attached which substantiates the request. 

1. Alcoholic beverages purchased in conjunction with a purpose permitted under entertainment policies included in university disbursement policies. 
2. Membership dues, subscriptions, and licensing for organizations directly related to employee work responsibilities. 
3. Disbursements to non-profit organizations directly related to the mission of ¾ÛÉ«¸ó including table seats at fundraising events. No amount may have a political affiliation or purpose. The disbursement must be approved by the vice president responsible for the area of the university to be benefited. 
4. Social events on or off campus for employees or students that are mission centric. The amount per participant shall be a reasonable amount. The disbursement must be approved by the vice president responsible for the area of the university to be benefited. A request by a ¾ÛÉ«¸ó vice president must be approved by the President of the University. 
5. Gifts or awards to employees or students for the purpose of special events, workplace recognition, or conditions related to health. The amount shall not exceed the amount allowable as non-compensation by the Internal Revenue Code and associated regulations. A request by a ¾ÛÉ«¸ó vice president must be approved by the President of the University. 
6. Business meals which meet the requirements of ¾ÛÉ«¸ó disbursement policies but do not include a non-university employee so long as the amount requested does not exceed the appropriate per diem rate allowable under ¾ÛÉ«¸ó disbursement policies. 
7. Social club membership so long as the club is to be used solely for purposes permitted under entertainment policies included in ¾ÛÉ«¸ó disbursement policies. Personal use of the club will not be permitted. 
8. Items for the benefit of ¾ÛÉ«¸ó specifically permitted by a donor restricted fund.
9. Exceptions specifically approved by an officer of the ¾ÛÉ«¸ó Foundation.